DCW Limited (DCW.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+31.4%

₹59.56

vs ₹45.33 price

Levered DCF

₹63.32

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

—

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	23.02×	77.98×	100.85×	6.67×	9.92×	174.67×	-6.47×	-117.89×
P/B	1.03×	2.29×	1.53×	1.25×	1.33×	1×	0.25×	0.78×
P/S	0.52×	1.18×	0.85×	0.49×	0.44×	0.47×	0.14×	0.37×
EV / EBITDA	4.96×	14.36×	10.08×	3.62×	4.53×	5.89×	5.2×	7.5×
Gross margin	17.6%	30.0%	47.6%	50.9%	42.0%	48.2%	49.9%	49.4%
Operating margin	5.5%	21.9%	4.4%	13.4%	10.1%	8.4%	6.5%	7.2%
Net margin	2.2%	1.5%	0.8%	7.3%	4.4%	0.3%	-2.1%	-0.3%
Current ratio	1.01×	1.08×	1.13×	1.38×	1.02×	0.76×	0.54×	0.36×
Debt / equity	0.27×	0.41×	0.43×	0.5×	0.69×	0.91×	0.89×	1.08×
Interest coverage	1.89×	6.53×	1.11×	2.79×	2.2×	1.02×	0.77×	0.94×
Dividend yield	0.5%	0.0%	0.6%	1.4%	0.0%	0.0%	0.1%	0.0%
Payout ratio	12.3%	0.0%	56.5%	9.2%	0.1%	3.0%	-0.4%	-2.7%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	4.5%	2.9%	1.5%	18.7%	13.4%	0.6%	-3.9%	-0.7%
Return on invested capital	4.9%	16.3%	3.1%	14.6%	12.4%	2.4%	4.1%	1.4%
Return on assets	2.3%	1.4%	0.7%	9.3%	5.6%	0.2%	-1.5%	-0.2%
Free cash flow yield	0.0%	4.8%	10.0%	10.9%	13.1%	29.2%	89.0%	51.3%
Earnings yield	4.3%	1.3%	1.0%	15.0%	10.1%	0.6%	-15.5%	-0.9%
Enterprise value	₹11.9B	₹27.8B	₹18.5B	₹17.8B	₹15.3B	₹12.6B	₹7.7B	₹11.8B
Net debt / EBITDA	0.36×	2.15×	1.47×	1.02×	1.38×	2.69×	4.04×	4.34×
Cash conversion cycle (days)	8	29	37	43	12	-33	-55	-59